London’s AIM Index was buoyed in early trade in the wake of that “could have been worse” news from the Fed last night, but gains have been eclipsed by those seen on the main board. At 2.30pm the junior market is back above that psychologically significant level, up almost six points at 1004.50
- UK Oil & Gas +45%
- Petrel Resources +33%
- Baron Oil +20%
- Vast Resources -20%
- Sportech -20%
UK Oil & Gas [LON:UKOG] is topping the board, some 43% ahead at copy time after it advised the market this morning it had received the full environmental permit for its Horse Hill project. At one point gains were closer to 100% and longer term shareholders will be hoping this marks a change of fortune for their investments.
Petrel Resources [LON:PET] also advanced well, adding 33% at 2.30pm. There’s just speculation here for now, but obviously attempts to move away from Russian energy reliance hold great potential, especially given the recently resolved dispute with former shareholders. One to watch?
A notable mention for Baron Oil, [LON:BOIL] up 20% at the time of writing. Shares have jumped higher for a second day with some lumpy orders being seen, but no apparent news.
The day’s biggest faller is Vast Resources [LON:VAST], giving back a little of those bumper gains we saw accrued on Tuesday. By 2.30pm, volumes are however well down on levels seen in recent days and the spread remains wide. It’s certainly notable that the profit taking didn’t kick in yesterday. Shares sit 20% lower.
Also struggling was Sportech [LON:SPO], although the decline here can be explained away by a capital distribution to shareholders having today as the record date. Discounting this, the stock remains slightly onside, shedding 20% by 2.30pm.
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